Clinica Sierra Vista in Bakersfield is getting a $2 million low-interest loan through the California Endowment to fund construction invoices and the partial payoff of open lines of credit.
Clinica Sierra Vista provides medical services to underserved populations of Kern, Fresno and Inyo counties regardless of their ability to pay.
The California Endowment, in partnership with Community Health Center Capital Fund and NCB Capital Impact announced the loan Thursday along with five others going to community health centers outside the Central Valley.
“We are thrilled to assist California’s clinics prepare for full implementation of Obamacare by collaborating with our partners at Capital Fund and NCB Capital Impact to release the first round of Community Health Center Program Related Investments,” says Robert Ross, president and CEO of the California Endowment. “Together, we have identified a strong class of recipients and are investing in their capacity to provide more underserved Californians with quality, affordable preventive health services.”
According to a recent UCLA study, nearly 5 million uninsured Californians will be eligible for health coverage once the Affordable Care Act (ACA) is fully implemented in 2014.
In identifying eligible candidates for the loans, Capital Fund and Capital Impact looked at organizations seeking to expand services and capacity to serve lower income Californians in advance of implementation of the ACA. They also looked for organizational strength and stability, geographical diversity, and a focus on innovative approaches to promoting health and wellness.
The Affordable Care Act is expected to greatly expand health insurance coverage in California. Beginning in 2014, millions of low- and middle-income Californians will gain access to coverage under the expansion of Medi-Cal and through premium and cost sharing subsidies offered through California.